European Gas Prices Gain as Traders Tap Storages Amid Cold Snap
- Attention is also on recovery in gas imports from China
- Cold snap will be followed by mild and windy weather
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European natural gas prices gained for a second day as traders increased the pace of withdrawals from storage sites during the first major cold snap this winter.
Benchmark futures rose as much as 4.4% on Thursday. While European Union reserves are at a healthy 93%, withdrawals since the end of November have been higher than the same period last year, according to data from Gas Infrastructure Europe.